https://www.taxtmi.com/caselaws?id=415586 The Tribunal ruled that the Principal Commissioner of Income Tax (PCIT) was not justified in invoking revision jurisdiction under Section 263 of the Income Tax Act. It held that the Assessing Officer (AO) had conducted detailed enquiries and taken a possible view on the matter. The PCIT's reliance on a report without analyzing the documentary evidence provided by the assessee was deemed insufficient to prove the AO's order erroneous and prejudicial to the Revenue. As a result, the Tribunal quashed the revision order, allowing the assessee's appeal. en-us Tue, 30 Nov 2021 00:00:00 +0530 Thu, 09 Dec 2021 08:36:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415586 The Tribunal ruled that the Principal Commissioner of Income Tax (PCIT) was not justified in invoking revision jurisdiction under Section 263 of the Income Tax Act. It held that the Assessing Officer (AO) had conducted detailed enquiries and taken a possible view on the matter. The PCIT's reliance on a report without analyzing the documentary evidence provided by the assessee was deemed insufficient to prove the AO's order erroneous and prejudicial to the Revenue. As a result, the Tribunal quashed the revision order, allowing the assessee's appeal. Case-Laws Income Tax Tue, 30 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415586